July 25, 2019 / 10:08 AM / 4 months ago

SE Asia Stocks-Rise ahead of ECB meet; Philippines recovers on bargain-hunting

    * Philippines leads gains in the region
    * Vietnam at near 4-month high 
    * Banks pull Singapore benchmark higher

    By Anushka Trivedi
    July 25 (Reuters) - Philippine shares climbed to a one-week
high on Thursday as investors picked up battered stocks, while
all other regional markets ended higher ahead of a European
Central Bank meeting later in the day. 
    The Philippine benchmark recovered from a steep loss
earlier in the session to rise 1.4%, helped by last-minute
buying in heavyweights such as BDO Unibank Inc and
Ayala Corp. 
    The bourse seems to be making up for the sharp sell-off over
the last few days, with investors hunting for cheapened stocks,
Charles William Ang, an analyst with COL Financial Group said.
    The index had recorded its sharpest fall in over one week on
Wednesday, dragged by fast-food chain operator Jollibee Foods
Corp after it announced plans to acquire the
loss-making U.S.-based company Coffee Bean & Tea Leaf.
    Jollibee closed 6% lower on Thursday to record its eighth
straight session of loss.
    Meanwhile, other regional markets were lifted by the
prospect of dovish action by the ECB after the latest surveys
showed business activity in the Euro zone slowed down in July,
while manufacturing contracted for the sixth straight month.
    "The most likely sequence is that the ECB alters its rates
guidance today to explicitly signal the possibility of lower
interest rates", Lloyds Bank said in a research note.
     Adding to the positive momentum was an assurance that the
U.S. Federal Reserve, which will convene its policy meet next
week, will slash interest rates by at least 25 basis points,
according to a Reuters poll.
    Singapore's main index also nudged higher with gains
in its top three banks helping the benchmark. 
    DBS Group Holdings Ltd, United Overseas Bank Ltd
 and Oversea-Chinese Banking Corp Ltd added
between 0.3% and 1%.
    Rating agency Fitch said Singapore's top tier banks have
managed their U.S.-dollar funding and liquidity risks well and
believes in their ability to withstand temporary U.S.-dollar
liquidity outflows in the near-term.
    Meanwhile, Vietnam shares rose 0.7% to a near 4-month
high, bolstered by financial stocks.
For Asian Companies click;  

 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3381.26   3368.44         0.38
 Bangkok                1730.9    1725.44         0.32
 Manila                 8272.18   8161.49         1.36
 Jakarta                6401.365  6384.987        0.26
 Kuala Lumpur           1656.58   1652.41         0.25
 Ho Chi Minh            994.95    988.41          0.66
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3381.26   3068.76         10.18
 Bangkok                1730.9    1563.88         10.68
 Manila                 8272.18   7,466.02        10.80
 Jakarta                6401.365  6,194.50        3.34
 Kuala Lumpur           1656.58   1690.58         -2.01
 Ho Chi Minh            994.95    892.54          11.47
 (Reporting by Anushka Trivedi in Bengaluru; editing by
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